LONDON: InterContinental Hotels Group said today that profits rose sharply in the first half after Covid travel restrictions were lifted around the world.
Net profit rose to US$216 million in the period from January to June from US$48 million in the same period a year earlier, IHG said in a statement.
IHG, which also owns brands such as Crowne Plaza and Holiday Inn, said that first-half revenues jumped by 52% to US$1.8 billion.
“We saw continued strong trading in the first half of 2022 with increased demand for travel in most of our markets,” said chief executive Keith Barr.
IHG said it would resume its interim dividend, up 10% compared with the last half-year payout in 2019 before Covid struck.
The group said it also planned to repurchase shares worth a total of US$500 million.
Its share price dropped 1.6% in midday trading on the London stock exchange, following recent solid gains.
